Coronation Insurance Posts N5.562bn Gross Premium Written In Q1 2023
Coronation Insurance Plc has released its unaudited interim financial statements for the first quarter (Q1) ended March 31, 2023.
According to the financial statement signed by the Board Chairman, Mr Mutiu Sunmonu, the company grew its Gross Premium Written (GPW) to N5.562 billion in Q1 2023 from N5.136 billion recorded in the same period in 2022.
Its movement in unearned premium during the review period stood at N2.097 billion compared to N1.831 billion reported in the corresponding period in 2022.
Gross Premium Income grew from N3.305 billion in March 2022 to N3.483 billion in the same period in 2023; while Net Premium Income reduced to N1.724 billion in Q1 2023 from N2.432 billion reported in the same period in 2022.
Coronation Insurance Net Underwriting Income decreased to N2.202 billion in Q1 2023 from N2.603 billion recorded in Q1 2022.
During the period under review, a total of N539.6 million was paid as claims lower than N1.107 billion paid in the corresponding period in 2022; while the Net Claim Expenses rose to N401.3 million in Q1 2023 from N321.9 million posted in Q1 2022.
While Total Underwriting Expenses increased from N883.5 million in Q1 2022 to N1.057 billion in the same period in 2023, the Total Underwriting Profit reduced from N1.720 billion in Q1 2022 to N1.346 during the review period of 2023.
The Company’s Investment Income rose from N89.9 million in Q1 2022 to N101.4 million in the same period of 2023.
While the Total Investment and other Income appreciated to N403.6 million in Q1 2023 from N89.5 million received in Q1 2022, the Net Income reduced to N742.0 million during Q1 2023 from N1.809 billion reported in the same period in 2022.
Total Operating Expenses slide from N1.009 billion in Q1 2022 to N923.6 during the review period of 2023.
The Company’s Profit After Tax for the period under review stood at N181.5 million when compared with N799.5 million posted in the same period in 2022.
The Company’s Total Assets also grew to N32.876 billion in the first quarter of 2023 from N31.231 billion announced in the last quarter of 2022.
Coronation Insurance PLC is a leading West African full-line insurance company offering a diverse range of products and services covering life, general and special risk businesses. The Company was founded in 1958 and licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance etc.
